SOLUTION: If the explorer Columbus could have invested $1 at 4% compound interest at the tine of discovery of the new world (1492) he would have x amount. Determine amount.
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Statement d
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Question 1210365: If the explorer Columbus could have invested $1 at 4% compound interest at the tine of discovery of the new world (1492) he would have x amount. Determine amount.
Statement does not indicate how interest is compounded.
Year of book information was in - 1965.
4% = .04
1965 - 1492 = 473 years.
Not sure how to solve.
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If the explorer Columbus could have invested $1 at 4% compound interest at the time
of discovery of the new world (1492) he would have x amount. Determine amount.
Statement does not indicate how interest is compounded.
Year of book information was in - 1965.
4% = .04
1965 - 1492 = 473 years.
Not sure how to solve.
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This problem is about one-time deposit of $1, compounded annually at the annual interest rate of 4%.
Use the standard formula for the future value
FV = ,
where A is the initial principal,
r is the annual interest presented as a decimal,
n is the number of years.
Substitute the given values into the formula and get the future value
FV = = 113,964,473.46 dollars. <<<---=== ANSWER
